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Pakistan Poised to Establish Branch of Turkish Bank Soon

Pakistan Poised to Establish Branch of Turkish Bank Soon

Ambassador Mehmet Pacaci of the Republic of Turkiye made a courteous visit to Federal Minister for Economic Affairs Ahad Khan Cheema on Monday, during which discussions included plans for establishing a branch of a Turkish bank in Pakistan to enhance economic ties between the two nations.

The meeting emphasized strengthening the enduring brotherly relations between Turkiye and Pakistan, with a specific aim to elevate economic cooperation to unprecedented levels.

Minister Cheema praised the signing of the Trade in Goods Agreement/Preferential Trade Agreement (PTA) on August 12, 2022, highlighting it as a significant advancement. He briefed the envoy on the establishment of the Special Investment Facilitation Council (SIFC), designed to attract investments from friendly nations, and underscored the potential for Turkish investment in Pakistan, particularly in agricultural machinery & equipment and large-scale corporate farming.

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Furthermore, he underscored the untapped potential in bilateral trade and investment and stressed the importance of enhancing collaboration through government-to-government (G2G) and business-to-business (B2B) arrangements.

Ambassador Pacaci expressed gratitude to the minister and recognized the strong bond between the two nations. He reiterated the significance and conveyed Turkiye’s keenness to explore opportunities for expanding bilateral trade through the High-Level Strategic Cooperation Council (HLSCC) and the Strategic Economic Framework (SEF), while fostering cooperation in energy, banking, commerce, railways, and tourism.

Of particular note, discussions included plans for the upcoming session of the HLSCC, expected to convene soon, with a focus on increasing the volume of trade to $5 billion.